Tennessee § 29-40-125 - Effect of enforcement by mortgagee.

§ 29-40-125. Effect of enforcement by mortgagee.

A request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivership property or proceeds to the secured obligation does not: Make the mortgagee a mortgagee in possession of the real property; Make the mortgagee an agent of the owner; Constitute an election of remedies that precludes a later action to enforce the secured obligation; Make the secured obligation unenforceable; Limit any right available to the mortgagee with respect to the secured obligation; or Except as otherwise provided in subsection (b), bar a deficiency judgment pursuant to the law of this state, other than this chapter, governing or relating to a deficiency judgment. If a receiver sells receivership property that pursuant to § 29-40-116(c) is free and clear of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to the law of this state, other than this chapter, relating to a deficiency judgment. Acts 2018, ch. 731, § 1. Effective Dates. Acts 2018, ch. 731, § 3. July 1, 2018.